Resources for Employers + Nonprofits | United Way of Metropolitan Dallas

Resources for Employers + Nonprofits

From keeping your operations running to supporting your employees, we’ve put together a list of resources to help your company or nonprofit organization navigate the challenges of doing business during the coronavirus pandemic.
 
CARES ACT FUNDS + PROGRAMS

On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES) which provides an estimated $2.2 trillion in economic relief to businesses, nonprofits and individuals impacted by COVID-19. Following this relief package, on April 24, Congress and President Trump authorized the Paycheck Protection Program and Health Care Enhancement Act (PPP) to further help employers and hospitals under stress from the coronavirus pandemic. Much of the U.S. economy has been sidelined due to business closings and temporary shutdowns, which have led to skyrocketing unemployment. The PPP adds about $310 billion to the funding made available through the CARES Act. These provisions remain particularly relevant:
 

Paycheck Protection Program
Eligible small businesses and nonprofits are may qualify for a loan up to $10 million, determined by eight weeks of prior average payroll plus an additional 25% of that amount. Loan payments will be deferred for six months. If workforce is maintained, Small Business Administration will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll and certain other expenses following loan origination.  Businesses that applied for the first round of funding do not need to reapply. About $60 billion of the new PPP funds will be set aside specifically for small, medium and community lenders to distributeSee additional details here.

 

Economic Injury Disaster Loans (EIDL) & Advance
The existing EIDL program was expanded to include more entities and applies looser credit standards. The loan may only be used for expenses that could have been met had the disaster not occurred, such as payroll and other operating expenses. Eligible applicants may be able to get up to $10,000 within three days of applying.

 

Industry Stabilization Fund
This creates a $454 billion loan and loan guarantee program for industries to keep them solvent through the crisis. Mid-sized businesses that have between 500 and 10,000 employees are expressly eligible for loans under this provision. These loans may have an interest rate of no more than 2% and would not accrue interest or require repayments for the first six months. Organizations accepting this loan must retain at least 90% of their staff at full compensation.

 
Related Resources
This Small Business Owner’s Guide to the CARES Act is a great resource to help navigate the new legislation, as well as these Paycheck Protection Program FAQs from the U.S. Senate Committee on Small Businesses and Entrepreneurship and this SBA Disaster Loan three-step process.

Additionally, The U.S. Small Business Administration provides a comprehensive information guide on federal funding through CARES and PPP, as well as general guidance for businesses and employers.

We recommend speaking with your organization’s banker and legal counsel to understand if and how these programs are a fit for you.

EMPLOYEE LOANS

Help United Way Help your Employees
Among the other challenges that this COVID-19 pandemic has created, we are sensitive to the fact that some of your employees may be facing unexpected financial hardships right now. Spouses may be without their income temporarily, or there may be additional costs associated with daycare, food, utilities and other necessities.

United Way of Metropolitan Dallas now has a partnership with TrueConnect, an employee loan program, to help your employees covers these unexpected expenses—at no cost or risk to your organization:

  • Employees can access a personal loan of up to $3,000—no credit report required
  • Funds may be available as soon as the next business day
  • Free financial coaching available to employees who want to talk to a professional about their specific financial challenges.

 

TrueConnect can be set up quickly by your HR team, so that you can begin offering loans to your employees starting this week.

If your company is interested in learning more about this opportunity, contact Greg Mangum, Vice President of Economic Mobility at United Way of Metropolitan Dallas.

ENTREPRENEURS + SMALL BUSINESSES

Let’s Grow North Texas Business
The Dallas Entrepreneur Center (DEC) Network has partnered with more than 100 North Texas businesses to create Let’s Grow North Texas Business, a one-stop shop for coronavirus resources as an entrepreneur or small business owner. The platform offers thorough, accurate information on a variety of programs to help small businesses and entrepreneurs through this difficult time, such as business survival videos and podcasts, webinars and virtual events, mentoring and funding resources. The DEC also fuels WEDallas, which focuses on resources and programs aimed specifically at women-owned businesses.

 

City of Dallas Small Business Relief
On April 22, the Dallas City Council voted to provide up to $18.4 million in COVID-19 assistance for rental and small-business assistance. The Office of Economic Development launched a $5 million Small Business Continuity Fund, which will provide up to $10,000 in grants and up to $50,000 in low-cost loans to small businesses affected by COVID-19.

To be eligible, businesses must prove they were in operation for a minimum of six months prior to March 16, and at least 51 percent of their current (or laid-off) workers must make low to moderate incomes. Learn more here—and sign up for updates from the City of Dallas.

 

Dallas Regional Council
The Dallas Regional Council offers links to informational resources, job opportunities and news related to COVID-19 and its effects on local businesses.

 

WiNGS for Women and Families
WiNGS, a Dallas agency devoted to empowering women to achieve their fullest potential offers an extensive online coronavirus resource guide including a section on small-business support through various sources.

 

Dallas Business Journal Small Business Resources Guide
The Dallas Business Journal is offering small business guides detailing local, state and federal assistance for survival and recovery in North Texas during the coronavirus outbreak.

 

U.S. Chamber of Commerce Save Small Business Initiative
The national chamber provides links to resources and webinars, financial aid and tax guides, information on advocacy, a Small Business Coronavirus Impact Poll and the Save Small Business Fund. Find information on all of that here.